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Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week. -
The loss estimate does not include litigation or claims below the deductible.
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The cat bond market has a high level of exposure to Florida wind risk.
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The flooding is now the costliest nat cat event ever in Australia, with insured losses higher than Cyclone Tracy and Sydney Hailstorm in 1999.
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KCC has added a loading for litigation costs to the storm loss estimate for the first time.
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The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.
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The broker’s global head of catastrophe management Dan Dick said that a realistic view on Ian’s loss suggests it would remain an earnings event for (re)insurers.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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Constraints in rebuilding supplies and contractors, inflation and post-event litigation will be key loss amplification drivers.
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Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
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Flagship sidecar funds run by Stone Ridge and Amundi Pioneer lost 12% and 5% respectively last week.
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The storm, which made landfall as a Category 1 hurricane, has now been downgraded to a post-tropical storm.
